Bitcoin cryptocurrency has reached a historic high

At the end of the last trading week, the flagship of the crypto market temporarily reached an annual high of $ 31,400. According to many experts, the development of a steady upward trend was facilitated by a strong institutional interest in BTC $96,046.01 Bitcoin -0.73% Market capitalization $1.9 trillion VOL. 24 hours $2.26 billion . Experts believe that at the moment it is too early to talk about a full-fledged bull run. Still, the unstable macroeconomic environment and regulatory issues are severely restraining the potential of buyers.

For example, the popular crypto analyst Michael van de Poppe advised waiting for the price to correct to the $ 28,500 zone. In his opinion, this will be the optimal mark for entering long positions. Experts believe that several factors have provided direct support for bitcoin this week.

To begin with, one of the largest investment corporations, BlackRock, has recently applied to create a BTC exchange-traded fund. This may indicate a high demand from institutional traders. Also this week, EDX Markets launched a platform for trading digital assets. There is information that the platform is supported by well-known organizations (Charles Schwab, Fidelity Digital Assets, and Citadel).

All these initiatives have inspired the confidence of large investors in the cryptocurrency segment. This is especially important at a time when the US Securities and Exchange Commission is tightening regulatory measures against the specialized platforms Binance and Coinbase.

However, it should be understood that despite local successes, bitcoin is still far from its historical high, which was recorded in 2021 at $ 69,000.